EDMONTON, AB, June 11,
2024 /CNW/ - McCoy Global Inc. ("McCoy,"
"McCoy Global" or "the Corporation") (TSX: MCB) today announced the
acceptance of a contract award totaling CAD$3.7 million for deep water offshore
integrated casing running systems. The contract award also marks
the first offshore commercial Software as a Service (SaaS) purchase
commitment for its Virtual Thread-RepTM technology.
McCoy's Virtual Thread-RepTM technology enables
customers to remotely monitor and control premium connection
make-up. It also facilitates the autonomous evaluation and
confirmation of premium connection make-up on location. Delivery of
the equipment and technology is expected to occur in the fourth
quarter of 2024 and first quarter of 2025.
"This contract award underscores McCoy's significant application
expertise in the deep-water offshore market, where full integration
has been a requirement for over a decade. Thanks to our engineering
capabilities and diverse technology portfolio, McCoy has
historically held a commanding market share among Tubular Running
Service (TRS) providers and drilling contractors who do not offer
their own proprietary technology in the offshore segment. As
offshore markets continue to gradually strengthen, this trend will
provide meaningful opportunities for McCoy going forward," said
Jim Rakievich, President & CEO.
"The first commercial offshore SaaS contract for McCoy's Virtual
Thread-RepTM technology provides a valuable platform to
showcase the advancements in efficiency and elimination of human
error that sets McCoy's solutions apart."
About McCoy Global Inc.
McCoy Global is transforming well construction using automation
and machine learning to maximize wellbore integrity and collect
precise connection data critical to the global energy industry. The
Corporation has offices in Canada,
the United States of America, and
the United Arab Emirates and
operates internationally in more than 50 countries through a
combination of direct sales and key distributors.
Throughout McCoy's 110-year history, it has proudly called
Edmonton, Alberta, Canada its
corporate headquarters. The Corporation's shares are listed on the
Toronto Stock Exchange and trade under the symbol "MCB".
Forward-Looking Information
This News Release contains forward looking statements and
forward looking information (collectively referred to herein as
"forward looking statements") within the meaning of applicable
Canadian securities laws. All statements other than statements of
present or historical fact are forward looking statements. Forward
looking information is often, but not always, identified by the use
of words such as "could", "should", "can", "anticipate", "expect",
"objective", "ongoing", "believe", "will", "may", "projected",
"plan", "sustain", "continues", "strategy", "potential",
"projects", "grow", "take advantage", "estimate", "well positioned"
or similar words suggesting future outcomes. This New Release
contains forward looking statements respecting the business
opportunities for the Corporation that are based on the views of
management of the Corporation and current and anticipated market
conditions; and the perceived benefits of the growth strategy and
operating strategy of the Corporation are based upon the financial
and operating attributes of the Corporation as at the date hereof,
as well as the anticipated operating and financial results. Forward
looking statements regarding the Corporation are based on certain
key expectations and assumptions of the Corporation concerning
anticipated financial performance, business prospects, strategies,
the sufficiency of budgeted capital expenditures in carrying out
planned activities, the availability and cost of labour and
services and the ability to obtain financing on acceptable terms,
which are subject to change based on market conditions and
potential timing delays. Although management of the Corporation
consider these assumptions to be reasonable based on information
currently available to them, they may prove to be incorrect. By
their very nature, forward looking statements involve inherent
risks and uncertainties (both general and specific) and risks that
forward looking statements will not be achieved. Undue reliance
should not be placed on forward looking statements, as a number of
important factors could cause the actual results to differ
materially from the beliefs, plans, objectives, expectations,
anticipations, estimates and intentions expressed in the forward
looking statements, including inability to meet current and future
obligations; inability to complete or effectively integrate
strategic acquisitions; inability to implement the Corporation's
business strategy effectively; access to capital markets;
fluctuations in oil and gas prices; fluctuations in capital
expenditures of the Corporation's target market; competition for,
among other things, labour, capital, materials and customers;
interest and currency exchange rates; technological developments;
global political and economic conditions; global natural disasters
or disease; and inability to attract and retain key personnel.
Readers are cautioned that the foregoing list is not exhaustive.
The reader is further cautioned that the preparation of financial
statements in accordance with IFRS requires management to make
certain judgments and estimates that affect the reported amounts of
assets, liabilities, revenues and expenses. These judgments and
estimates may change, having either a negative or positive effect
on net earnings as further information becomes available, and as
the economic environment changes. The information contained in this
News Release identifies additional factors that could affect the
operating results and performance of the Corporation. We urge you
to carefully consider those factors. The forward looking statements
contained herein are expressly qualified in their entirety by this
cautionary statement. The forward looking statements included in
this News Release are made as of the date of this New Release and
the Corporation does not undertake and is not obligated to publicly
update such forward looking statements to reflect new information,
subsequent events or otherwise unless so required by applicable
securities laws.
SOURCE McCoy Global Inc.
